Barclays CEO: The Banking Sector Has Not Yet Felt the Full Disruptive Force of Technology, but It Will
The Wall Street Journalreports that Wall Street is exploring innovative applications of digital currencies to mainstream banking and financial issues. The recent wave of Wall Street interest in Bitcoin technology is inspired by a growing appreciation of the inevitability of radical changes in the financial industry, which is long overdue for the kind of....
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Barclays is about to become the first mainstream bank to openly and directly support bitcoin transactions, The Sunday Times reports. The Daily Mail echoed the news for its huge readership. Barclays has been experimenting with Bitcoin and working with digital currency start-ups for some time. Speaking at the Morgan Stanley European Financials Conference in London, Barclays' CEO Antony Jenkins warned the "banking sector has not yet felt the 'full disruptive force' of technology - but it will." He elaborated on the growing concern among financial institutions that faster, cheaper payment....
The former Group CEO of Barclays, Antony Jenkins, predicts a future within the next ten years wherein financial technology or fintech will substantially disrupt traditional banking systems and the banking industry as a whole. He is convinced banking installations and those employed in banking institutions will be reduced by at least 20% in the coming ten years, if not up to as much as 50%. Antony Jenkins, former CEO of one of Barclays, the UK's second biggest bank in assets after HSBC has predicted an "Uber-like" disruption from the Fintech sector to come crashing down on the current....
UK banking giant Barclays took another step toward positioning itself at the forefront of innovators in the blockchain sector last week with the news it had become the first to trial Corda, a new distributed ledger platform from partner R3CEV. The prototype, demoed at the Barclays Accelerator in London last week, follows a particularly active period for Barclays, which earlier this month revealed it would provide banking services to blockchain payments startup Circle, and earlier this year, participated in a test of a private version of the Ethereum blockchain with 11 R3 member banks. In....
Oliver Bussmann, CIO of Swiss Bank, believes that the Blockchain is the most disruptive force within the Financial Sector. The decentralized ledger of transactions could also be used to store documents which after publication, could no longer be tampered with. Documents stored on the Blockchain would be authenticated through the same underlying technology that powers Bitcoin. While being almost completely unknown in 2009, Bitcoin has become a hot topic of debate among corporations, banks, and governments. Also read: BITCOIN 2.0 WILL BE A VERY BIG DEAL. The World Opens Up to Blockchain....
"We've now got over 45 experiments our businesses want to do [with Blockchain tech]," said Barclays Chief Design and Digital Officer Derek White during his conversation with Business Insider. It was recently reported that the major financial institution will let charities accept Bitcoin, however, this is just one of the many uses that the bank is contemplating with Bitcoin and the underlying blockchain technology. Derek is interested in the open ledger blockchain technology because anyone can theoretically see all the transactions and maintain a high level of transparency. In addition to....